Do you qualify for a Fast Trac short sale program? Lets find out!
Do you have a 1st mortgage home loan that was with Wachovia Bank and is now owned by Wells Fargo? If you do the Fast Trac program is still available for you if you are considering a short sale. What is Fast Trac and why is it different from other programs? Glad you asked. In the traditional short sale programs there is a lot of documentation and procedures required JUST TO GET AN ANSWER IF YOU ARE ELIGIBLE FOR A SHORT SALE. There are some programs now like the Bank of America cooperative short sale program which is different, but the “normal” or “traditional” program requires certain things such as a legit hardship letter on why you need to do a short sale, recent bank statements, recent pay check stubs, tax returns and if you have other assets full documentation on those items as well. You will need a full BPO (brokers price opinion) or full appraisal on the property AND in most cases an offer from a pre-approved buyer BEFORE you get an answer on whether you are eligible or not. Yes there are exceptions to this, but this is the normal procedure.
In the fast trac program the items required from the seller are less. In addition the seller relocation offered in very competitive in most cases, and the property is determined IF it qualifies BEFORE the property is put on the market AND it priced at a price the bank WILL accept on the short sale! This reduces the time on the market tremendously. It also makes the time for potential buyers looking to purchase a home much less time consuming and less stressful.
On the Fast trac program the owner does NOT need to be behind in payments and everything is pretty much agreed to prior to marketing the property for sale. The fast trac approval is for a specific amount of time which allows you the seller opportunity to get your home sole and relocation in place. If you have a loan with Wachovia or any Wells Fargo loan for that matter, if you get us certain information, we can find out if you are eligible for a fast trac program prior to putting a home on the market. Email me at firstname.lastname@example.org for more information.